Why Bharat Electronics Share Price Gained Despite Weak Market Conditions?

The share price of Bharat Electronics Limited (BEL) gained over 2 percent in weak market conditions on February 14, 2024. This comes after the company received a Rs 2,167.47-crore order from the Indian Navy.

Navaratna DPSU Bharat Electronics Limited (BEL) signed a contract for a value of Rs 2,167.47 crore with Indian Navy on February 13, 2024 for the supply of state of the art indigenously designed and developed EW suite for use on-board warship. This EW suite is a big leap towards the Aatmanirbhar Bharat initiative of BEL, the company said in an exchange filing.

Since the last disclosure on January 30, the company has also received orders worth Rs 114.59 crore. The orders included the supply of SDRs, HD VLF receivers, EVMs, etc.

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In the current financial year, Bharat Electronics Limited has received cumulative orders of Rs 30,776.06 crore.

Earlier this month, the company signed a contract with the Indian Air Force for the procurement of Light Weight Man Portable modern communication sets.

In Q3FY24, the company posted a 40 percent jump in its net profit at Rs 859.6 crore. This was in comparison to last year’s Rs 613 crore.

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